LAS COLINAS

Current Events

A Las Colinas office tower has changed hands. The Crestview Tower is located near State Highway 114 in Irving. The 12-story building includes almost 270K SF of space and was built in 1982. Since 2014, the building has been owned by CapRidge Partners. It was bought by an investment group that includes an affiliate of Dallas’ Reserve Capital Partners. Southside Bank provided funding for the transaction.

University of St. Augustine for Health Sciences is moving its Irving campus to more than 55K SF of space in the VariSpace office campus on State Highway 114. The new tenant has plans to grow the operation by about 50%.

Construction crews are closing in on completion of one of Irving’s largest corporate headquarters projects. The 15-story office tower for Christus Health is the first new high-rise office project in more than three decades in the Las Colinas Urban Center. When the building opens this fall, almost 2,000 employees with the faithbased, not-for-profit health system will move into the tower.

Top Lease Transactions

• Team Car Care renewed its 12K SF lease at Crestview Tower, 105 Decker Court in Las Colinas.

• Lightbeam Health Solutions signed a 30k SF lease at 2999 Olympus tower in Cypress Waters.

Deals In The Market

• Colliers is marketing for sale One Panorama Center. The 208,450 SF building is 71% leased.

• Cushman & Wakefield is marketing for sale 4200 Regent. The 164,375 SF building is 36% leased.

• Cushman & Wakefield is marketing for sale Corporate Point at Las Colinas. The 223,498 SF building is 100% leased.

Vital

New Developments

• Project Blue Star – a 2M SF class A office park (proposed)

• Freeport Commons – a 1.2M SF class A office park (proposed)

• 750 W John Carpenter Freeway | Phase II – a 330K SF class A office building (proposed)

• 3300 Olympus – a 300K SF class A office building

• 9650 Locke Street – a 279K SF class A office building (proposed)

• Royal Tower | 1101 W Royal Ln – a 275K SF class A office building (proposed)

• 9100 Cypress Waters Boulevard | Building D – a 250K SF class A office building (proposed)

• Mercer Business Park – a 200K SF class A office building (proposed)

• Las Colinas Corporate Center III – a 200K SF class A office building (proposed)

Large Existing Vacancies

• Exxon Mobil HQ - 379K SF

• 6000 Connection – 292K SF

• Horizon Way Business Park – 287K SF

• 8900 Freeport Parkway – 268K SF

• One MacArthur Ridge – 250K SF

• Regent Commons – 215K SF

• Intellicenter Dallas – 190K SF

• Browning Place III – 171K SF

• Las Colinas Commons – 152K SF

• Freepoint 9 Office Center – 153K SF

• 8000 Bent Branch Drive – 149K SF

• 6031 Connection Drive – 139K SF

Lbj

Vital Stats

Current Events

Piedmont is now planning to spend more than $9 million on upgrades to the galleria buildings along Noel Road. The project includes “construction of new steel and glass entry canopies at existing Galleria Towers,” according to planning documents filed with the state. “Project also includes new paving, landscape, hardscape, site lighting and some replacement of existing storefronts.”

Top Lease Transactions

• Chubb Insurance signed a new 50K SF lease at Lincoln Centre.

• Freese and Nichols signed a 27,536 SF lease at Park Central 8.

Deals In The Market

• CBRE is marketing for sale NCP I. The 204K SF building is 79.4% leased.

New Developments

• Park Heritage I & II – a 1.15M SF class A office park (proposed)

• Four Lincoln Centre – a 400K SF class A office building (proposed)

• Park Tower at Dallas Midtown – a 377K SF class A office building (proposed)

• The Inwood at Alpha West – a 330K SF class A office building (proposed)

Large Existing Vacancies

• 7171 Forest Lane – 180K SF

• Park Central 8 – 173,744 SF

• One Lincoln Centre – 100,501 SF

• Pinnacle Tower – 98,412 SF

• Northpoint Plaza II – 92,694 SF

• Three Galleria Tower – 89,208 SF

Current Events

A Houston investor has snapped up an Arlington office tower. The Brookhollow Riverside office building is on State Highway 360 between Interstate 30 and Airport Freeway. Built in 1984, the almost 120K SF building was sold by Arlington-based SkyWalker Property Partners. The building was acquired by a company headed by Howard Heald of Silver Creek Realty Advisors LLC. Brookhollow Riverside is about 90% leased. SkyWalker Property had owned the building since 2006. “We were fond of that asset,” SkyWalker’s Willian Welder said in a statement. “But it was the right time to sell. “In spite of general headwinds facing office properties, there is still strong demand for quality multi-tenant assets with a good amount of term remaining on leases, as was the case with Brookhollow Riverside.” Tom Strohbehn and Scott Farber of Younger Partners brokered the sale. SkyWalker Property also sold a McKinney office complex. Crescent Parc is a 61-unit, almost 6-acre medical and office condominium campus at 1400 N. Coit Road.

Spark, the coworking brand from Cordish, is set to move into the southeast corner of the repurposed Choctaw Stadium. Comprising 30K SF across two levels, the coworking space in Arlington, Texas, features both private and shared workstations; 61 private offices; 17 suites for up to seven people; meeting rooms for teams of up to 40 people; and event space for up to 150 people.

There’s also an on-site podcast studio and balconies that offer a view of the stadium field. Created as a collaboration space for both solopreneurs and small companies, the coworking provider has already secured membership from 23 companies even before officially opening. Members that have signed on include a digital marketing agency, a global engineering services firm and an event staff agency. As home to the Arlington Renegades (football) and the Dallas Jackals (rugby), amongst others, the stadium will continue to host sports events, including games from the XFL — another organization that has already signed on to be a member at Spark. In addition, the multi-use facility will also serve as the headquarters for Six Flags Entertainment and the Arlington Convention and Visitors Bureau within its 200,000 square feet of commercial office and retail space. Located between the Texas Rangers’ Globe Life Field and the Dallas Cowboys’ AT&T stadium, the new coworking space is part of Texas Live!, a $250 million entertainment district that opened in 2018 as a partnership between The Cordish Companies and Texas Rangers. The opening of Spark Arlington continues the momentum of a wider $1.25 billion vision for the Arlington Stadium district that includes the forthcoming National Medal of Honor Museum and One Rangers Way residential building. These new developments, which will be under construction soon, will join square feet of restaurants; a 5,000-capacity outdoor event pavilion; and a 300-room hotel and convention center — Live! by Loews. Today, Cordish is one of the most recognizable developers of upscale, mixed-use entertainment properties in the U.S., and Arlington will be Spark‘s fourth coworking location, but it’s not the first time the company has chosen the setting of a major league ballpark: Spark St. Louis, which opened in 2021, is part of the Ballpark Village — the sport-anchored, mixed-use development from parent company Cordish and the St. Louis Cardinals. Spark opened its first coworking space in the heart of downtown Baltimore in 2016. Its second location, Spark KC, opened in downtown Kansas City, Mo., in early 2021.

MID-CITIES

Top Lease Transactions

• Documation has signed a 19,371 SF lease at 220 Westway Place.

• Raymond James has signed a 7,436 SF lease at 115 Grand Avenue.

• Spectrum of Love has signed a 4,130 SF lease at 830-856 Greenview Drive.

Deals In The Market

• 500 S Nolen Drive – a 119,075 SF class B office building.

• 2225 E Randol Mill Road – a 87,411 SF class B office building.

• 1148 W Pioneer Parkway – a 74,031 SF class B office building.

• 500 S Nolen Drive – a 71,567 SF class B office building.

• 3301 Airport Freeway – a 69,595 SF class B office building.

New Developments

• 601 State Street – a 160K SF class A office building

• 2710 E Lamar Boulevard – a 61.5K SF class A office building

• 395 S Kimball Avenue – a 13K SF class B office building

• 171 W Southlake Boulevard – a 11K SF class B office building apart of a 5 property portfolio

LARGE EXISTING VACANCIES

• 4333 Amon Carter Boulevard – 730,806 SF class A vacancy

• 4255 Amon Carter Boulevard – 547,384 SF class A vacancy

• 1900 W Kirkwood Boulevard – 245,781 SF class A vacancy

• 3120 Sabre Drive – a 172,144 SF class A vacancy

• 950 E State Highway 114 – 148,387 SF class B vacancy

North Fort Worth

Vital Stats

Current Events

Top Lease Transactions

• Iglesia Cristiana Genesis has signed a 5,834 SF lease at 3800 Sandshell Drive. [CS1].

• Undisclosed Tenant has signed a 2,843 SF lease at 305 NE Loop 820.

• A medical office user has signed a 2,794 SF lease at 4364 Heritage Trace Parkway.

• Servpro North Fort Worth has signed a 2057 SF lease at 10101 Hicks Field Road.

Deals In The Market

• 201 N Rupert Street – a 57,087 SF class A office building.

• 7001 Boulevard 25 – a 54,604 SF class B office building.

• 12600 Willow Springs Road – a 54,000 SF class A office building.

• 3400 NW Centre Drive – a 35,849 SF class B office building.

• 2801 Glenda Street – a 11,600 SF class C office building.

New Developments

• 9810 Hillwood Parkway – a 135K SF class A office building

• Golden Triangle and Alta Vista Road – a 57K SF class B office building

• Alta Vista Rd & N Beach Street – a 48K SF class A medical office building

• 516 W Bonds Ranch Road – a 15K SF class C medical office building

• 13227 Old Denton Road – a 15K North Fort Worth

Large Existing Vacancies

• 5555 N Beach Street – 163,283 SF class B vacancy

• 4600 Alliance Gateway Freeway – 140,000 SF class B vacancy

• 13650 Heritage Parkway – 67,715 SF class A vacancy

• 4700 Alliance Gateway Freeway – 47,644 SF class B vacancy

• SF class B office building

• 1242 FM 407 Road – a 10,157 SF class B office building

As one of the largest and fastestgrowing cities in the country, Fort Worth boasts many unique characteristics that add up to an especially fertile ground in which businesses can thrive. The low cost of real estate, an abundance of land available for development, solid foundations in various key industries and a diverse talent pool all play a role in Fort Worth’s economic success. One major project in the works is Panther Island, an ambitious development with huge potential. Brought about by the need for improved flood control along the Trinity River, the project will ultimately create more than 300 acres of urban waterfront property in the heart of the city. The $1.1 billion district will create additional opportunities for growth in downtown Fort Worth and its surrounding neighborhoods. Companies choose North Texas because they want a business-friendly environment that is rich in options, incentives and growth opportunities. In keeping pace with the region’s thriving industries and corporate relocations, Panther Island will help sustain that momentum for Fort Worth, bringing even more leading companies and top-tier businesses to Fort Worth, while driving additional development – and investment – in the region. Collaboration across industries and within the region has been instrumental to the continued success in North Texas. A great example of that cooperation is Alliance Texas, Hillwood’s 27,000acre, master-planned, mixed-use community in north Fort Worth. Hailed as one of the state’s most formidable economic engines, Alliance Texas has generated more than $100 billion in regional economic impact. Alliance Texas is also home to the Mobility Innovation Zone (MIZ), a unique testing ecosystem that combines strategic partnerships and infrastructure to allow pioneering mobility companies to test, scale and commercialize their innovations. The MIZ served as the testing location for Wing, Alphabet’s revolutionary commercial drone delivery service. In 2022, autonomous delivery company Clevon opened its U.S. headquarters in Alliance Texas. In early December Clevon completed its first U.S. delivery in a real-world setting with the CLEVON 1, the company’s ecofriendly autonomous delivery vehicle.

Current Events

The owners of one of the largest retail blocks in North Dallas’ Preston Center district want to add office and apartment buildings into the mix. Ramrock is looking to build 265K SF of office space and 180 units of multifamily and 30K SF of retail in The Preston Center Pavilion on Westchester Drive south of Northwest Highway.

Preston Center

Top Lease Transactions

• Dallas Center for Dermatology and Aesthetics doubled its space to 11.5K SF in Preston Sherry Plaza.

New Developments

• 8111 Douglas – a 319K SF class A office building.

Large Existing Vacancies

• 5950 Sherry Lane – 27,948 SF

• 8333 Douglas Avenue – 40,119 SF

• 8343 Douglas Center – 21,246 SF

RICHARDSON/PLANO/ALLEN/MCKINNEY

Vital Stats

Current Events

McCarthy Building Cos. has moved into a new regional headquarters from Dallas to the CityLine development at 3400 N. Central Expressway in Richardson.

SkyWalker Property Partners sold 2 office properties in North Texas. The largest divestiture was of Brookhollow Riverside, a 119K SF office building at 2505 North Highway 360 in Grand Prairie. The disposition also included Crescent Parc, a 61-unit medical and office condominium project at 1400 North Coit Road in McKinney.

Top Lease Transactions

• Inbenta Holdings Inc. signed a 5K SF lease at One Bethany West at 950 W Bethany Drive in Allen.

• LJA Engineering Signed a 6,274 SF expansion at Summit Park.

Deals In The Market

• Colliers is marketing for sale Collins Square. The 228,400 SF building is 75.9% leased.

New Developments

• State Highway 121 & N Central Expressway (formerly Monarch City) – a 5M SF class A office park (proposed)

• Heritage Creekside Towers – a 1.25M SF class A office park (proposed)

• Palisades Central | 2426 N Central Expressway – a 1M SF class A office complex (proposed)

• Beacon Square – a 800K SF class A office building (proposed)

• The Campus at CityLine – a 600K SF class A office complex (proposed)

• 3661 N Plano – a 534K SF class A office building (proposed)

• 3661 N Plano – a 508K SF class A office building (proposed)

• Legacy Central 5 – a 300K SF class A office building (proposed)

• One Bethany North – a 300K SF class A office building (proposed)

• District 121-East – a 300K SF class A office building (proposed)

• One Heritage Creekside – a 250K SF class A office building (proposed)

• One Bethany Central – a 250K SF class A office building (proposed)

Large Existing Vacancies

• Lookout Park I – 262,546 SF

• Waterview 190 North & South – 232,025 SF

• Galatyn Commons – 215,394 SF

• Lakeside Tower – 203,817 SF

• 3400 CityLine – 189,676 SF

• 2200 E President George Bush – 176,831 SF

• Richardson Commons – 155,984 SF

• 17787 Waterview Parkway – 142,954 SF

• Galatyn Commons D – 133,184 SF

• Lakeside Centre II – 115,583 SF

• District 121-West – 111,547 SF

• Lookout Park II – 106,327 SF

Southwest Fort Worth

Current Events

Goldenrod’s development along West 7th Street has sat as a vacant lot for more than a year as it bought neighboring properties. A new development along Fort Worth’s West 7th Street has doubled in size and released new renderings of its design with plans to break ground in June. Goldenrod had initially planned to finish its mixed-used development in summer of 2023, but it took more than a year to acquire the Snap Kitchen property and neighboring architecture firm at the corner of West 7th and Currie Street. “It takes a long time to negotiate those deals,” Brandon Schubert, Goldenrod’s head of acquisitions, said. “It made more sense to try to assemble some land and spread out the cost.” The new land increases the project’s footprint from 0.8 acres to 1.6 acres. When completed, the development will include 226 apartments along with 107,000 square feet of Class A office space and 11,000 square feet of restaurant and retail space along the street. That’s an increase from a 149-multifamily unit that was initially planned. The larger footprint also allowed the project to cut out one floor of its parking garage while adding stalls. “It lays out a lot better. It’s a lot more efficient,” Schubert said. “I think it’s got better sightlines for the tenants.” Just a few blocks away, John Goff’s Crescent Real Estate plans to complete its major Cultural District project at Camp Bowie Boulevard across from the Kimbell Art Museum in August or September. Initial plans included a 200-room hotel, 167 luxury apartments and a neighboring eight-story building with 168,000 square feet of offices. Further down the street, The Bowie House will also open in late 2023, bringing 88 rooms and 18 suites along with a restaurant. “I think the area is primed for a lot of new development,”

Cultural District Alliance Chairman Scott Wilcox said. “Just having that additional hotel inventory is going to be incredible for us.”

Wilcox also serves as the COO of the Amon Carter Museum of American Art directly across the Bowie projects. “I think the area is primed for a lot of new development,” he said. “It’s always had a lot of people coming to it but there just wasn’t enough to do once you got here.” Wilcox acknowledges new development could mean new traffic headaches. There are plans to beautify the stretch of University Boulevard from Interstate 30 up to West 7th and Camp Bowie, which created traffic issues when the same project occurred on West 7th. “Traffic has a way of figuring it out as you go through and get more used to being there,” he said. “We don’t really want traffic to flow through the Cultural District, we want it to flow to the Cultural District.”

The Goldenrod project is now expected to break ground and demolish the Snap Kitchen property in June and open in the first quarter of 2025. Transwestern Real Estate Services (TRS) announced University Centre I, a 99,267-square-foot, six-story office building located at 1300 S University Drive, has sold to 2SP Partners LLC, a local real estate investment group. Transwestern’s Kyle Poulson and Gibson Duwe represented the buyer in the transaction. The new ownership plans to significantly upgrade the common areas, lobby and tenant suites. Current tenants in the building include financial groups, energy companies and law firms. The property is minutes from amenities such as Colonial Country Club and Texas Christian University and has direct access to I-30. In addition to handling the building sale transaction, Transwestern will now take over office leasing for the project. According to Transwestern research, companies are universally demanding better office amenities to compete with remote and hybrid work. Rising construction costs have driven rents at Fort Worth’s newest buildings over $55 per square foot. University Centre’s enhanced amenities will offer significant value for tenants.

Top Lease Transactions

• Tug Hill has renewed their lease for 21,676 SF at 1320 S University Drive.

• Fort Worth Interventional /Analgesic Solutions has signed a 9,571 SF lease at 900 Jerome Street.

• An undisclosed Energy firm has signed a lease for 4,290 SF at 550 Bailey.

Deals In The Market

• 405 W Loop 820 S – a 101,043 SF class B office building.

• 315 Hemphill Street – a 30K SF class C office building.

• 500-508 Hemphill Street – a 30KSF class C office building.

• 3509 Hulen Street - 27,766 SF class B office building.

New Developments

• 6844 Harris – 41,217 SF class B office building

• 7600 Rendon Bloodworth Road – a 30K SF class B office building

• 2400 N Kentucky Avenue – a 20K SF class B office building

• 465 S Main Street – 13,503 SF class B office building

LARGE EXISTING VACANCIES

• 4200 South Freeway – 162,707 SF class A vacancy

6100 Western Place – 112,382 SF class B vacancy

• 405 W Loop 820 – 101,043 SF class B vacancy

• 6500 West Freeway – 81,521 SF class A vacancy

Stemmons

New Developments

• West Love | 2345 Mockingbird Lane – a 600K SF class A office building (proposed)

• East Love | 2345 Mockingbird Lane – a 250K SF class A office building (proposed)

• The Design District Tower – a 243K SF class A office building (proposed)

• 2122 W Mockingbird Lane – a 158K SF class A office building

• 6500 Harry Hines Boulevard – a 155K class A office building (proposed)

• 2221 W Mockingbird Lane – a 150K SF class A office building (proposed)

• River Edge | 155 Riveredge – a 142K SF class A building

• 1333 Oak Lawn Avenue – a 123K SF class A office building

• 111 Glass Street – a 30K SF class B building

Large Existing Vacancies

• The Connection at 8600 | 8600 Harry Hines Boulevard – 228,845 SF

• Comerica Service Center – 142,600 SF

• Pegasus Park – 133,477 SF

• 2525 N Stemmons Freeway – 101,178 SF

• 8777 N Stemmons - Tower II – 76,968 SF

Current Events

One of the largest office tower complexes in Dallas’ medical district near Love Field was put up for sale in September. The two (2) buildings, 12-story Mockingbird Towers are at 1341 West Mockingbird Lane. Built-in the 1970s, the nearly 450K SF high-rise project has been substantially renovated with almost $11 million in upgrades since 2015.

Current Events

A landmark Uptown Dallas building has caught the eye of a Californiabased investment firm. GI Partners has raised more than $40 billion since 2001 to invest in private equity, real estate, and data infrastructure. The San Franciscobased firm has an office in Dallas on Turtle Creek. The company is now looking to locate its Dallas operation in the historic Maple Terrace building on Maple Avenue. GI Partners plans to occupy more than 10.6 K SF in the building at 3001 Maple Avenue, according to planning documents filed with the state.

One of the nation’s largest homebuilders is moving its headquarters from California to Dallas’ Uptown district. Landsea Homes Corp., currently based in Newport Beach, will take over 7,716 SF of space on the 10th floor of 1717 McKinney Avenue. The builder ranked as the 47th-largest in the nation with 1,640 closings and $936 million in gross revenue in 2021, according to the annual Builder 100 list. At the end of 2022, it had 462 employees nationwide.

The 18-story former Richards Group building is about to see big changes. With the recent departure of the building’s namesake advertising firm, new owners are planning a revamp that will give the Uptown Dallas office a new identity: One West Village.

One of Uptown Dallas’ biggest high-rise projects is showing signs of a start. Developer KDC first announced its Parkside Uptown project at the beginning of 2020. After taking time out for a pandemic and to refine its building plans, KDC appears ready to push ahead with the first phase of the two-tower project. The $200 million first phase of Parkside Uptown is scheduled to start in midyear, according to planning documents filed with the state.

With the newest office buildings north of downtown Dallas filling up, developers are in a rush to bring new high-rises to the market. Stonelake Capital Partners is joining the fray with plans to build a 17-story, 180K SF office tower on McKinney Avenue. The building at 2626 McKinney would open in mid-2025 on a site across the street from Whole Foods Market. The property is now occupied by a low-rise office.